“I think you’re overreacting.”
We all know – both professionally and personally – that saying this to someone in a heightened emotional state is likely to provoke a reaction akin to a nuclear explosion.
Unfortunately, as financial services professionals, this is something we have to convey (delicately) to clients all the time. It’s never easy.
As human beings, we all have behavioural biases which may cause us to overreact – and when it comes to highly-charged issues like personal finances, those biases can be a ticking time bomb.
I’m therefore of the opinion that it’s better to have conversations about biases sooner rather than later.
When your client uses Wi-Ai tools, they can understand and take ownership of the behavioural biases which are likely to affect them. This means you can feedback their profile to them BEFORE those biases are triggered by, for example, changes in market conditions.
If/when the day comes when your client is tempted to overreact, you can then refer back to that profile to help relieve the situation. Moreover, because the data comes from a third-party source, your client is less likely to have a knee-jerk “well you would say that!” reaction.
Consider that time bomb defused.
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